MARTEN TRANSPORT LTD MRTN

Industrials SIC 4213 - Trucking (No Local) NAICS Transportation and Warehousing › Truck Transportation derived Nasdaq

We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across our current five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Our Intermodal operations were sold effective September 30, 2025. We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. In 2025, we generated $883.7 million in operating revenue. Approximately 59% of our Truckload and Dedicated revenue in 2025 resulted from hauling temperature-sensitive products and 41% from hauling dry freight. We operate throughout the United States and in parts of Mexico and Canada, with our revenue primarily generated from within the United States. We provide regional truckload carrier services in the Southeast, West Coast, Midwest, South Central and Northeast regions. Our primary medium-to-long-haul traffic lanes are between the Midwest and the West Coast, Southwest, Southeast, and the East Coast, as well as from California to the Pacific Northwest. In 2025, our average length of haul was 405 miles.

Last close 11.78 2026-10-23
Market cap $962.0M 2026-06-30 share count
52-week range 9.35 - 18.48

Valuation FY2025 figures against the last close

P/S1.1x
P/E56.1x
P/FCF10.3x
EV/EBITDA7.5x
Dividend yield2.0%
Diluted EPS0.21

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $883.7M$963.7M$1.13B$1.26B$973.6M$874.4M$843.3M$787.6M$698.1M$671.1M
Total operating expenses $860.7M$930.5M$1.04B$1.12B$862.0M$781.1M$766.8M$717.2M$641.3M$612.8M
Operating income $22.9M$33.2M$90.1M$143.3M$111.7M$93.2M$76.5M$70.3M$56.9M$58.3M
Pre-tax income $24.4M$36.3M$93.9M$144.2M$111.7M$93.4M$77.7M$71.0M$56.5M$57.1M
Income tax $6.9M$9.4M$23.5M$33.8M$26.3M$23.9M$16.6M$16.0M$33.8M$23.6M
Net income $17.4M$26.9M$70.4M$110.4M$85.4M$69.5M$61.1M$55.0M$90.3M$33.5M
EPS, basic 0.210.330.871.351.030.840.750.671.660.62
EPS, diluted 0.210.330.861.351.020.840.740.671.650.61
Shares, diluted (wtd. avg.) 81.5M81.5M81.4M82.0M83.4M83.2M82.7M82.7M54.9M54.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $43.3M$17.3M$53.2M$80.6M$57.0M$66.1M$31.5M$56.8M$15.8M$488.0K
Receivables $85.8M$90.0M$105.5M$120.7M$99.0M$83.4M$90.7M$83.0M$74.9M$69.2M
Total current assets $171.7M$138.5M$196.6M$235.8M$186.9M$175.7M$154.2M$163.5M$116.6M$93.4M
Property, plant and equipment $776.5M$828.6M$792.2M$728.2M$682.3M$654.2M$640.4M$588.2M$571.9M$557.8M
Total assets $949.8M$968.8M$990.3M$965.7M$870.7M$831.6M$796.6M$753.9M$690.4M$653.7M
Accounts payable $28.8M$25.8M$36.5M$37.3M$20.1M$25.7M$22.9M$15.7M$16.5M$14.4M
Total current liabilities $92.2M$93.5M$110.2M$124.3M$93.6M$89.8M$76.3M$72.0M$64.3M$60.7M
Long-term debt —————————$7.9M
Total liabilities $182.1M$200.8M$233.0M$261.8M$219.0M$211.3M$199.0M$177.9M$164.9M$216.4M
Retained earnings $712.0M$714.2M$706.8M$655.9M$565.1M$534.4M$517.3M$498.6M$448.5M$362.6M
Total equity $767.6M$767.9M$757.4M$703.9M$651.7M$620.3M$597.6M$576.0M$525.5M$437.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $93.5M$134.8M$164.4M$219.5M$171.2M$189.6M$156.5M$154.2M$121.9M$133.8M
Depreciation and amortisation $105.4M$111.7M$116.7M$111.0M$102.6M$102.9M$95.1M$88.6M$85.1M$82.4M
Stock-based compensation $1.9M$2.2M$2.3M———————
Investing cash flow -$42.9M-$152.1M-$172.5M-$135.0M-$123.7M-$106.3M-$140.5M-$104.9M-$95.3M-$97.3M
Financing cash flow -$19.6M-$18.6M-$19.2M-$60.9M-$56.6M-$48.6M-$41.3M-$8.4M-$11.3M-$36.5M
Dividends paid $19.6M$19.5M$19.5M$19.6M$54.7M$52.4M$42.1M$5.5M$4.4M$3.3M
Buybacks —$0$0$41.8M$0$597.0K$0$3.8M$0$7.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-005971.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 671.1M Net income, FY2016: 33.5M Revenue, FY2017: 698.1M Net income, FY2017: 90.3M Revenue, FY2018: 787.6M Net income, FY2018: 55M Revenue, FY2019: 843.3M Net income, FY2019: 61.1M Revenue, FY2020: 874.4M Net income, FY2020: 69.5M Revenue, FY2021: 973.6M Net income, FY2021: 85.4M Revenue, FY2022: 1.3B Net income, FY2022: 110.4M Revenue, FY2023: 1.1B Net income, FY2023: 70.4M Revenue, FY2024: 963.7M Net income, FY2024: 26.9M Revenue, FY2025: 883.7M Net income, FY2025: 17.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $671.1M $698.1M $787.6M $843.3M $874.4M $973.6M $1.26B $1.13B $963.7M $883.7M
Gross profit — — — — — — — — — —
Net income $33.5M $90.3M $55.0M $61.1M $69.5M $85.4M $110.4M $70.4M $26.9M $17.4M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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